The good and bad money management


Good money management need not be difficult. In fact, there are a few simple steps recommended by most financial professionals to help better manage their finances.

Pay your bills on time to avoid late fees.

Do not wait until the red peak appears! Please note the expiration dates on your calendar and remember to allow time for postal payments to reach the recipient.

Pay more than the minimum on their credit cards.

If you are paid weekly and then pay a little each week rather than wait until the monthly statement arrives.

Read your statement regularly.

Keep an eye on all inputs and outputs.

Check your annual credit report for accuracy.

These days identity theft is very common so you need to ensure that

are not paying someone else charges.

Look around and switch credit cards with lower rates.

Many credit card companies offer low interest rates to transfer balances from other cards.

Follow a monthly budget.

This may be easier said than done, but if you're sensitive about your expenses, then you are managing your money much easier.

But sometimes things can go wrong. Everyone wants to be able to be in control of our finances, but often make mistakes without realizing it. If you are concerned that you are using bad money management, then you should always seek the advice of a financial professional.

Here are some of the most common mistakes of mismanagement of money:

Not paying your bills on time

Maintaining a high credit card rates

Neglecting to set aside emergency funds

Preparing a will leaving until it's too late

Do not read your statement carefully

Leaving to contribute to a retirement account

Do not check your credit report annually for accuracy

Paying only the minimum monthly payment on your credit cards

Buy the insurance you find yourself without first shopping around

Failing to adjust your W-4 each year to ensure that you are not paying too much

If you address the above issues whenever possible, then it is not guilty of mismanagement of money and you may be pleasantly surprised at how much better you are financially in the long term.

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